Application Exercise Using Microsoft Excel:

Complete the following exercise using data in file Ch$2$Ex$1.$doc $($attached$).$

Suppose that you have been asked to assist in the managerial decision about how much to increase pay in the next year. Assume you are given a list of the departments in your company, along with the average salary for employees in that department for major companies in your industry. Additionally, you are given the names and salaries of $10$ people in each of three departments in your company.

Assume you have been asked to create a spreadsheet that shows the names of the $10$ employees in each department, their current salary, the difference between their current salary and the industry average salary for their department, and the percent their salary would need to be increased to meet the industry average. Your spreadsheet should also compute the average increase needed to meet the industry average for each department and the average increase, company$-$wide, to meet industry averages.